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Jan 15, 2013
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against that backdrop, you have a pretty risky environment in the sense that pcs are going through a lot of change right now. so while the valuation of dell stock is pretty darn attractive and i understand the rationale in this low interest rate environment to want to do a deal, because the deal is so large and there's uncertainty around dell's pc core business, i think when push comes to shove, the deal does not get done. >> i want to underscore one of the top rated analysts doesn't think that it's going to happen. shares are moving a little bit higher. stocks almost 23% at this point. obviously had that huge move yesterday. where does that leave the company's future, toni? what are they going to do? >> look, i think the company has been very deliberate in laying out a strategy, which is, we're going to try and move away from pcs. we're going to take our cash and buy companies to try and make us more of an enterprise player. one of the benefits of not going private is you have more degrees of freedom. you don't have to use your cash flow to pay down debt. you can use your cash flow
against that backdrop, you have a pretty risky environment in the sense that pcs are going through a lot of change right now. so while the valuation of dell stock is pretty darn attractive and i understand the rationale in this low interest rate environment to want to do a deal, because the deal is so large and there's uncertainty around dell's pc core business, i think when push comes to shove, the deal does not get done. >> i want to underscore one of the top rated analysts doesn't...
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Jan 17, 2013
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even in this low environment how do you do it? what's the plan? >> you do more deposits, more loans. in fact, last year our net interest income, the difference between what we get on the loans versus what we pay on deposits, an endless margin, dropped 18 basis point but we actually grew net interest income so you do more, and we've dealt with this low rate environment before. do i think rates are too low? yes. a lot of monetary stimulus, but we're able to operate in that environment, and it's been a real bargain for borrowers. on the other hand, savers have paid a real price. >> how do you offset that knowing that it's become tougher to make money in banking? >> well, this year we grew revenues by 6% quarter over quarter from a year ago and 6% you took the whole year. almost all of it on the non-interest income side. half of our revenues come from fee for services, mortgage brokerages, other things so we don't only live on the margin, if you will, so think of a company that can produce those kind of revenue numbers with no help from the margin or
even in this low environment how do you do it? what's the plan? >> you do more deposits, more loans. in fact, last year our net interest income, the difference between what we get on the loans versus what we pay on deposits, an endless margin, dropped 18 basis point but we actually grew net interest income so you do more, and we've dealt with this low rate environment before. do i think rates are too low? yes. a lot of monetary stimulus, but we're able to operate in that environment, and...
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Jan 17, 2013
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it is a tough environment for luxury as people trade down and start looking for bargains. joining us is susan lyne, chairman of gilt.com. she's also the former president and ceo of martha stewart living. also on set with us this morning our guest host, mellody hobson. susan thank you for joining us this morning. >> thank you. >> i checked out gilt.com and i have to say, these are great brands at great prices. >> it is. >> how do you offer some of the bargains you're offering? >> you know, we've got long relationships now, we're about five years old, with many of the top brands, and they realize this is a great way for them to sell excess inventory and everyone has excess inventory because these are event-based sales. they're quick. and consumers love them. >> i've seen you run out of stock quickly on these things. buy it now or it's gone type of situation. >> yep. >> is it a difficult environment for luxury right now? is that a fair estimation? >> our sector has had a fantastic holiday. we were up over 30% on gilt.com. >> but you're talking about bargain prices, where peop
it is a tough environment for luxury as people trade down and start looking for bargains. joining us is susan lyne, chairman of gilt.com. she's also the former president and ceo of martha stewart living. also on set with us this morning our guest host, mellody hobson. susan thank you for joining us this morning. >> thank you. >> i checked out gilt.com and i have to say, these are great brands at great prices. >> it is. >> how do you offer some of the bargains you're...
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Jan 17, 2013
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i actually feel the environment is still tough, maybe getting more friendlives can i ask you about the rally we've had generally? it's notable that goldman sachs has outperformed both the ac and citi with an 18% rise in the stock over the last month. today, of course, you downgraded goldman sachs in the light of that move. where are you on the sort of share price movement that is we might see in those three and oats moves forward? >> to see additional up side in a broker dealing, you have to see the economy get better. that could happen. i'm hoping it will happened. i'm just not sure if this is the time to put new money into goldman sachs, if we're sure not sure that will play its way out. it's just a matter of, how long does it take for the uncertainty to get out of the way, so companies can get back to making acquisitions. >> jeff, do people give you a hard time when you cut the ratings and yet boost the price targets? that gets made fun of a lot. >> yeah, we do get some for it. the price target increase, it's very form layically driven. what our pick it into our what it's done over
i actually feel the environment is still tough, maybe getting more friendlives can i ask you about the rally we've had generally? it's notable that goldman sachs has outperformed both the ac and citi with an 18% rise in the stock over the last month. today, of course, you downgraded goldman sachs in the light of that move. where are you on the sort of share price movement that is we might see in those three and oats moves forward? >> to see additional up side in a broker dealing, you have...
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Jan 15, 2013
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this is a very good credit environment. but that is a huge amount of financing for an lbo. in fact we haven't seen something like that since the financial crisis, and you're not buying into a great road story here. you're not buying into energy. you're buying into dell. basically the banks would be asked to do a bet on the personal computer market. >> dan, the second piece of this, as i think about it, though, is this idea that you're actually going back to the club deal, right? you're having two firms club up, and now with something that was, almost, i thought it was now a relic of the 2007, '06, '05 and people were no longer going to do that, at best, they were going to partner potentially with their own limited partners like the pension funds but not necessarily together to fund themselves. >> yeah, and it's particularly interesting that tpg is involved in this. one of the biggest private equity firms in the world but they might have some troubles fund-raising next time out. their performance hasn't been good the last two funds. one of the things they've been telling the
this is a very good credit environment. but that is a huge amount of financing for an lbo. in fact we haven't seen something like that since the financial crisis, and you're not buying into a great road story here. you're not buying into energy. you're buying into dell. basically the banks would be asked to do a bet on the personal computer market. >> dan, the second piece of this, as i think about it, though, is this idea that you're actually going back to the club deal, right? you're...
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Jan 17, 2013
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people see a generally positive environment for those stocks. i think lmomentum continues there. >> you are seeing flows into materials and technology, but a flo flow out of staples and health care, correct? >> it's clear as day. for etf investors, all risk on and out of risk off. we've seen a billion dollars flow out of telecom, utilities and a couple billion dollars flow into the risk on sectors like materials, industrials and tech. that's where investors are placing their bets for this earnings season. at least etf investors and so far it's paid off. >> matt, it's tim. how about the etfs that correspond to treasury movements last year, this was a trade that everybody got on, because everybody assumed rates had to go higher eventually. where are people lining up in this? this ite >> we should look very closely as what investors are doing in the bond space. i think they are taking a hands off approach. they are certainly shortening their duration and they are actually outsourcing their active management into funds like bond. we are seeing those
people see a generally positive environment for those stocks. i think lmomentum continues there. >> you are seeing flows into materials and technology, but a flo flow out of staples and health care, correct? >> it's clear as day. for etf investors, all risk on and out of risk off. we've seen a billion dollars flow out of telecom, utilities and a couple billion dollars flow into the risk on sectors like materials, industrials and tech. that's where investors are placing their bets...
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Jan 18, 2013
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as we reinvest, the overall low rate of environment is not unusual. we do have offsets in our loan portfolio as our national strategic non-portfolio runs down or winds off. we have an opportunity to invest in higher yield customer oriented relationships, and so we think we've got some stabilizing forces. it's hard to tell exactly how the market reacted in one given day to our net interest margin. but we feel like we've had pretty good management of it and i'm optimistic we'll maintain some stability in a tough environment in 2013. >> your fee income did come in lower than expected, though, both capital markets and mortgage banking. is that just a one-time only? are we going to see a better series of numbers in 2013? >> well, yeah, capital markets is probably the big driver of any up or down movement in our fee income. the fourth quarter was an unusual quarter in a couple of ways. one, you had the impact of hurricane sandy where the markets were closed for a couple of days. we saw average daily revenue in the business drop from about 1.2 to about $1.1
as we reinvest, the overall low rate of environment is not unusual. we do have offsets in our loan portfolio as our national strategic non-portfolio runs down or winds off. we have an opportunity to invest in higher yield customer oriented relationships, and so we think we've got some stabilizing forces. it's hard to tell exactly how the market reacted in one given day to our net interest margin. but we feel like we've had pretty good management of it and i'm optimistic we'll maintain some...
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Jan 16, 2013
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what's your take on the economic environment right now? >> well, you know, we expect that it's going to continue to be a challenging environment, and maria, as an organization we're very focused on the things, you know, that we can control in the marketplace and that's how we market our brand, product innovation and how we execute at the restaurant level, and image activation where we're reinvesting in our restaurants at a very aggressive rate is really producing some phenomenal results. these are the things that we can do to move our brand forward, and we have a lot of confidence in it. >> so, let me ask you about the commodities cost and, of course, this is something we've been talking about throughout the earnings season. chipotle today citing higher commodities expenses and going to impact their earnings through the fourth quarter. has this been the case for wendy's? what are you seeing. >> in 2012 we saw a 90 basis point increase in commodities which is roughly 3%. as we look at 2013, we're looking for something in the area of 90 to 1
what's your take on the economic environment right now? >> well, you know, we expect that it's going to continue to be a challenging environment, and maria, as an organization we're very focused on the things, you know, that we can control in the marketplace and that's how we market our brand, product innovation and how we execute at the restaurant level, and image activation where we're reinvesting in our restaurants at a very aggressive rate is really producing some phenomenal results....
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Jan 15, 2013
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the environment we live in is still conducive to be la tij jous because no one can make any money. carl, back to you. >> rick, we'll talk to you in a bit. rick santelli. >>> goldman is making waves with its bonus payouts. mary thompson has a flash. >> the company confirming that goldman has decided not to delay the bonus payments until april which would have allowed the bonuses to be taxed at a lower rate. goldman sachs' stock is slightly higher, about three-quarters of a percent. those payments originally due here in the u.s. in 2013 but the company, again, accelerated those payments into 2012 to take advantage of lower tax rates. again, the uk says -- someone close to the company saying that after some consideration, it will not be delaying bonus payments there to take advantage of lower rates. back to you. >> yeah, not the only bank where compensation is in the news. thank you, mary. >>> a few minutes left in europe's trading days. simon hobbs in less than 60 seconds. and i jumped right on it. tdd# 1-800-345-2550 tdd# 1-800-345-2550 since i've switched to charles schwab... tdd#
the environment we live in is still conducive to be la tij jous because no one can make any money. carl, back to you. >> rick, we'll talk to you in a bit. rick santelli. >>> goldman is making waves with its bonus payouts. mary thompson has a flash. >> the company confirming that goldman has decided not to delay the bonus payments until april which would have allowed the bonuses to be taxed at a lower rate. goldman sachs' stock is slightly higher, about three-quarters of a...
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Jan 14, 2013
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let me does you, tim hollands, how are you putting work to be in this environment? what kind of year do you expect it to be? >> we don't have price on the dow, but we continue to look at more domestic-facing companies and industries, so consumer finance are big parts of both portfolios. we think housing continues to improve, consumer continues to delever, monetary policy remains supportive, so stock-pickers, we own redwood trust, which is a mortgage reit investment jumbo. we own carmax. they invented the used car superstore, lots of growth left there. and then a final stock would be ko colfax, which we do a great job as the vascular system for the global economy. they build large fluid systems for petrochemical companies, energy companies, as the economy comes in, as industrial production comes back, they're well positioned. so, we're pretty constructive on the asset class, particularly because a lot of people don't seem to be all that constructive on the asset class. >> steve sax, what about you? where are you seeing the flow? what are investors particularly grav s
let me does you, tim hollands, how are you putting work to be in this environment? what kind of year do you expect it to be? >> we don't have price on the dow, but we continue to look at more domestic-facing companies and industries, so consumer finance are big parts of both portfolios. we think housing continues to improve, consumer continues to delever, monetary policy remains supportive, so stock-pickers, we own redwood trust, which is a mortgage reit investment jumbo. we own carmax....
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Jan 14, 2013
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>> in this environment, we're actually asking our clients to think about three things. first we're going to have low interest rates for awhile. so they need to adjust their expected returns. so in a low interest rate environment we're going to have lower returns across all asset classes. second, we're telling our clients that as they think about the lower returns in the context of their portfolios, they also need to recognize that we are going to have volatility from incremental policy on a global basis. whether it's in the u.s., europe, japan or emerging market countries. we are expecting that policy, whether it's monetary policy adjustments, fiscal policy, it will all be incremental. and that will create market pressure because it won't be at a pace that the markets would like to see. so that will introduce volatility. and it's not something our clients should try to trace. they should look over the horizon and invest for the long run. >> looking at the long run, three to five-year term outlook if you look at those expected returns, what's interesting to me is that yo
>> in this environment, we're actually asking our clients to think about three things. first we're going to have low interest rates for awhile. so they need to adjust their expected returns. so in a low interest rate environment we're going to have lower returns across all asset classes. second, we're telling our clients that as they think about the lower returns in the context of their portfolios, they also need to recognize that we are going to have volatility from incremental policy on...
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Jan 18, 2013
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how do we make money in this environment? we know where we are, see what the reality is, may not be what you want but the fed is there, providing easy market and that's why this market wants to go nowhere but up except in equities. how do you make money in this market? >> the fed is pushing you into risk assets so that's where you go. you have to keep going while the band is playing, but this is what concerns me is at what point do we get the snap-back? we already started off 2012 with a record amount of money going into high yield. how would you like to buy c-paper and get 5.5% return on it as far as yield goes? >> i would hate to be a portfolio manager in this kind of environment because i don't know how you balance a portfolio in terms of risk. >> i would love to be one, and i think part of it is if you -- you can make money dmest click because stocks are still relatively valued or undervalued based on, you know, the fed's model and other models, a lot of opportunities to pick up stocks that were hit hard during the summer
how do we make money in this environment? we know where we are, see what the reality is, may not be what you want but the fed is there, providing easy market and that's why this market wants to go nowhere but up except in equities. how do you make money in this market? >> the fed is pushing you into risk assets so that's where you go. you have to keep going while the band is playing, but this is what concerns me is at what point do we get the snap-back? we already started off 2012 with a...
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Jan 16, 2013
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in the near term, overall performance of the pc client group is key to understanding the overall environment. but for the stock, the company's full year guidance, which we expect to hear, probably matters more so i'll be watching that. longer term, analysts need better evidence that intel really can gain ground in tablets and smartphones where so far, chip giant just hasn't made a dent. back to you. >> thank you for that, jon fortt. the other issue is inventory. that's been rising as a percent of revenues since the third quarter of last year. and that is -- they have to scale back production in order to cut back the inventory. >> they are so poorly positioned in the tablet space, tabletting are destroying laptops right now. if you talk about emerging market growth, it's again, back to that apple story. it's as a much lower gross margin. intel guided gross margins to 57%. that's the lowest since q-3 2009. i don't think it's a good press. it just rallied 10% off the november lows, but it's kind of in no man's land. you really need to get a sense how they are positioned. don't forget, they are
in the near term, overall performance of the pc client group is key to understanding the overall environment. but for the stock, the company's full year guidance, which we expect to hear, probably matters more so i'll be watching that. longer term, analysts need better evidence that intel really can gain ground in tablets and smartphones where so far, chip giant just hasn't made a dent. back to you. >> thank you for that, jon fortt. the other issue is inventory. that's been rising as a...
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Jan 14, 2013
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in this regulatory environment that's not a good place to be. james foreman's move into retail and other sector so i think that's a meaningful shift for them. >> is the regulatory environment too tight? >> in some number of areas, yes. in some others, no. so i can actually say mixed answer. in a lot of dodd-frank has to do with things that had nothing to do with the financial crisis. you may remember one of the first laws actually implemented where they wrote the language was debit fees. they capped debit fees. that had nothing to do with anything around the financial crisis. on the other hand things like the volcker rule and others, they're still working on them, and i think there should be some good regulation around capital risk taking, and such, on the trading desks. that's still to come. >> the other big banking wall street news this week is jamie diamond and jpmorgan, i don't know if you follow this, but the london whale, the board, is going to be potentially releasing an internal report on what happened. if you were on the board would you
in this regulatory environment that's not a good place to be. james foreman's move into retail and other sector so i think that's a meaningful shift for them. >> is the regulatory environment too tight? >> in some number of areas, yes. in some others, no. so i can actually say mixed answer. in a lot of dodd-frank has to do with things that had nothing to do with the financial crisis. you may remember one of the first laws actually implemented where they wrote the language was debit...
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Jan 14, 2013
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that's what you have to do particularly in today's environment where there is a fair amount of risk. let me ask you before we get into this dwe bait. how are you managing risk right now? how are you allocating capital? >> we're global managers so we have a broad spectrum where we can go now. we think overseas is advantageous rather than being in the u.s. close to the highs. yet the economy is -- the real economy is trading somewhat off its highs. if you look at europe, for example, where the headlines have been negative. the news flow has been awful. performance has been awful as well. so the market in europe has more reflected the performance of the real economy than it has here in the u.s. the fed qe program, the safe haven of the u.s. has caused money to flow to this part of the world. i think that leaves the u.s. a little pricier and perhaps more of a risk. >> it takes courage to fight the fed, though, right? >> absolutely. but ultimately and jack said it, fundamentals do matter. i think the market will reflect those. >> i heard active management does better in down markets than
that's what you have to do particularly in today's environment where there is a fair amount of risk. let me ask you before we get into this dwe bait. how are you managing risk right now? how are you allocating capital? >> we're global managers so we have a broad spectrum where we can go now. we think overseas is advantageous rather than being in the u.s. close to the highs. yet the economy is -- the real economy is trading somewhat off its highs. if you look at europe, for example, where...
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Jan 17, 2013
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you will be stuck with older, less fuel efficient planes to deal with a higher priced oil environment when you can fill every seat have you and then some. boeing, the single greatest short of our lifetime, frankly, actually rallied 92 cents today. a bear's worst nightmare, which, of course, is there for the single best possible dream. for a bull. now, let's extrapolate the story. we were suppose supposed to have a horrendous, hideous economy. those guys real downers. why? washington gridlocked, confidence down, horrible down there. president, republicans, care less about the economy. supposed to be crushed, absolutely annihilated about worries of the upcoming debt ceiling and laid to waste by the end of the tax holiday. rich people stopped dead in their tracks by new tax hikes. one so steep we were supposed to switch to peanut butter and jelly sandwiches rather than dining at three-star restaurants. pass the skippy, keep the foie gras. we find out we had the highest housing starts since the boom, double where we were not that long ago, and the analysts were determined to tell you hous
you will be stuck with older, less fuel efficient planes to deal with a higher priced oil environment when you can fill every seat have you and then some. boeing, the single greatest short of our lifetime, frankly, actually rallied 92 cents today. a bear's worst nightmare, which, of course, is there for the single best possible dream. for a bull. now, let's extrapolate the story. we were suppose supposed to have a horrendous, hideous economy. those guys real downers. why? washington gridlocked,...
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Jan 16, 2013
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the low-ends retail environment is more competitive. they have to become more promotional, code word for more discounts. in order to hold their own, they vo have to put real pressure on margins. the higher payroll taxes on consumers, it's very hard to make the case that dollar stores can be owned here. it's true companies have big long-term growth stories, and they have to expand store base around the country. that's not a reason to buy them as long as existing stores have so much trouble. at this point, dollar stores may be too cheap to go much lower, dollar tree sells 14 times earnings, and when their historical multipliers are higher, however, there is no catalyst that can get that multiple to expand. no catalyst to drive this stock higher, and that makes buying them frankly a big no-no. you said to me, jim, give me something in the space. you want something in the space? i say go with cramer fave five below. five for you home gamers. i've been a big fan of this company since it became public in july, and -- philadelphia based and if
the low-ends retail environment is more competitive. they have to become more promotional, code word for more discounts. in order to hold their own, they vo have to put real pressure on margins. the higher payroll taxes on consumers, it's very hard to make the case that dollar stores can be owned here. it's true companies have big long-term growth stories, and they have to expand store base around the country. that's not a reason to buy them as long as existing stores have so much trouble. at...
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Jan 18, 2013
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but we had to adjust to the environment we're in right now. that's what we're dealing with. >> where would you say the net flow is now between morgan stanley brokers and merrill brokers right now? who's winning? are you -- you added more? have they -- and are you -- are you in an aggressive mode right now in terms of offering them increased compensation to come to morgan stanley, or -- >> i'm going to give you an answer which may be a little counterintuitive. the person who's winning might be the one who's actually losing on net flow. in other words, there are some very aggressive recruiting packages out there. anybody can go out and spend money -- >> in the past -- >> spend money and buy talent. do you want us just buying talent? >> i don't know. where are you now in terms of totals? >> we're over 16,500. i forget exactly. i think merrill -- you know, honestly, i don't even know. >> ubs is a big player. >> well, ubs is very different. they're a global private bank doesn't have brokers, has private bankers. the domestic business which is the o
but we had to adjust to the environment we're in right now. that's what we're dealing with. >> where would you say the net flow is now between morgan stanley brokers and merrill brokers right now? who's winning? are you -- you added more? have they -- and are you -- are you in an aggressive mode right now in terms of offering them increased compensation to come to morgan stanley, or -- >> i'm going to give you an answer which may be a little counterintuitive. the person who's...
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Jan 15, 2013
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treasury, and that type of environment where dividends are going to grow 10% this year, that can be a good backdrop on stocks like ford that developed its dividend last week, lowe's on the home improvement side and dresser injuries and transindustries. >> with all due respect, jpmorgan out yesterday saying that maybe the dividend play is last year's play and maybe now is the time to get into riskier assets in equities because they feel like the economy is going to start to pick up. so you're sticking with the dividend play though? >> i am. for these two reasons. one, bill, the growth of dividends is the story. not the absolute yield. it's the growth in dividends and that can be names like qualcomm, apple, ford is my example. second. when investors look much like 1994 and 1999, when interest rates went higher, the ten-year treasury was yielding, was returning minus 3% for those two calendar years. people will come back to the stock market, but they will come back to the stock market in the safer yield and dividend-growing stories. that is why i think the catalyst for david dents will s
treasury, and that type of environment where dividends are going to grow 10% this year, that can be a good backdrop on stocks like ford that developed its dividend last week, lowe's on the home improvement side and dresser injuries and transindustries. >> with all due respect, jpmorgan out yesterday saying that maybe the dividend play is last year's play and maybe now is the time to get into riskier assets in equities because they feel like the economy is going to start to pick up. so...
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Jan 15, 2013
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i mean, the fiscal cliff was a friendly family discussion compared to this hatfield/mccoy environment that's unfolding with regard to spending. >> so you think this whole story is going to have some real heart-stopping moments for the markets? >> i think there will be huge consequences. recall that in the summer of 2011 the last time we faced this that the dow went down 1800 points in july and august. now, granted there were some other issues in europe that were a concern. but we could see some serious consequences as a result of these -- this inability to have a discussion on spending cuts. >> i know you're a bond specialist, but apple reducing their iphone orders and so forth. apple fell 3.5% today. $18 to 501. is this apple reduction in ipad orders, is this symbolic of an economy that's getting weaker? >> well, i think so. i think -- well, we have heard some people say that, yes, it's part apple. the company. but also, i think it is symbolic of just people not having enough certainty of what kind of money they will have in the future to spend on items such as what apple offers. >>
i mean, the fiscal cliff was a friendly family discussion compared to this hatfield/mccoy environment that's unfolding with regard to spending. >> so you think this whole story is going to have some real heart-stopping moments for the markets? >> i think there will be huge consequences. recall that in the summer of 2011 the last time we faced this that the dow went down 1800 points in july and august. now, granted there were some other issues in europe that were a concern. but we...
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Jan 18, 2013
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the main thing is capital will flee a hostile environment. if i were a risk taking entrepreneur in california i would be thinking about heading east to texas. >> i feel a bit dumb because i had no idea of the export power of texas. i probably would have picked california. we'll show a table and what this table says is texas 2011 exports, $251 billion in second place california at $159 billion. that is very impressive. hears what i like the most. go to the next table. it is easy. when i first heard it i said it's obvious because california doesn't maximize natural resources because of the green component. has such a large lobby and presence in california. even if you extract all the exports petroleum and coal products that still leaves you around 200 billion. you're still blowing the competition away. >> yep. isn't that nice? we also have great trading partners in mexico and canada and we send a lot of parts to the factories which are tremendous engine of growth for mexico. so our number one trading partner is mexico followed by canada and the
the main thing is capital will flee a hostile environment. if i were a risk taking entrepreneur in california i would be thinking about heading east to texas. >> i feel a bit dumb because i had no idea of the export power of texas. i probably would have picked california. we'll show a table and what this table says is texas 2011 exports, $251 billion in second place california at $159 billion. that is very impressive. hears what i like the most. go to the next table. it is easy. when i...
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Jan 17, 2013
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can that last in this environment? >> i mean look banks have a long way that they fell and they've had a long pathway back to something circa 2006-2007. they sri lankan as a percentage of market gap in the s&p. they are no longer dominant. that's all for the best. we have a much more diversified market. we should. i wouldn't say that the banks need to lead this matter. they've done very well. >> who is going to lead the market? >> i think you'll have a market without leadership but that doesn't mean a market that doesn't go up. you have multiple sectors of strength. technology. be inning to see how amazon does. you have a global economy growing modestly. >> are you worry about apple? >> as a company? no. am i concerned about apple as a stock at 500, i will be glad if we talked less about apple. it's one company amongst many. anybody in silicon valley has to be worried about the fact that their franchise is of extremely short duration. >> boeing. this boeing story is creeping up, getting worse on a daily basis. would yo
can that last in this environment? >> i mean look banks have a long way that they fell and they've had a long pathway back to something circa 2006-2007. they sri lankan as a percentage of market gap in the s&p. they are no longer dominant. that's all for the best. we have a much more diversified market. we should. i wouldn't say that the banks need to lead this matter. they've done very well. >> who is going to lead the market? >> i think you'll have a market without...
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Jan 16, 2013
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. >> one what are the things you think you can do in this environment? by the way, i talked to bankers who say, you know what, i don't know if anyone's going to trust us. first of all i'm not sure anyone did historically trusted banks. >> agreed. >> and that it may never get that much better until, frankly, the economy gets better and the unemployment picture gets better. >> i would sake exception with never. i think there have been times in the past when the banker was your friend. you knew you could go down and get a loan if you needed to buy a house. you didn't worry about whether you could qualify. you worried about, you know, what house you wanted to buy. those are the types we need to get back. to frankly, banking's only one part of the financial services industry. this is a very broad, very wide industry. markets are driven based on people's confidence in their future, their willingness to invest in something they think has a better future than the current times. so earning that confidence. you know, financial advisers in our industry, professiona
. >> one what are the things you think you can do in this environment? by the way, i talked to bankers who say, you know what, i don't know if anyone's going to trust us. first of all i'm not sure anyone did historically trusted banks. >> agreed. >> and that it may never get that much better until, frankly, the economy gets better and the unemployment picture gets better. >> i would sake exception with never. i think there have been times in the past when the banker was...
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Jan 16, 2013
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the question people ask is, can we see anything from the fourth quarter that will tell us what the environment in 2013 is like. i guess my answer to that would still be no. fiscal cliff issues, europe, the election, tropical storms, et cetera, and there's still no real clarity on what the business models, investment banking are going to look like as we head toward three. it's going to be much better numbers than a year ago. numbers are going to be slightly down versus the third quarter. and -- to my mind, there's still really nothing we'll be able to take away from the numbers in terms of -- >> which is frustrating because we're at a time when we are trying to re-evaluate what the model is going to be, what earnings will look like going forward. in your view, what is -- what is the investment case for these investment banks today? >> well, the investment case for an investment bank is that when they work very well, they are extremely capital -- if i advise a company and get a fee for ecm or m&a deal, it requires no capital, and i get a lot of money. that's very attractive. the second thing is
the question people ask is, can we see anything from the fourth quarter that will tell us what the environment in 2013 is like. i guess my answer to that would still be no. fiscal cliff issues, europe, the election, tropical storms, et cetera, and there's still no real clarity on what the business models, investment banking are going to look like as we head toward three. it's going to be much better numbers than a year ago. numbers are going to be slightly down versus the third quarter. and --...
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Jan 16, 2013
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i think that the financial story and economic story is saying this is not the kind of financial environment that leads to rapid growth. >> interesting. >> okay. >> you tied it in to dell and jpmorgan and everything else. excellent. larry, thank you. >> my pleasure. >> join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, and jim cramer and david faber at the new york stock exchange. stocks had a pretty nice day yesterday. the s&p closed at five-year highs. we are looking to the down decide this morning. the dow looking to lose about 62 at the open. the picture in europe, a couple of downgrades for gdp forecasts from both the german government and world bank. italy is down by 1.5%. road map this morning starts off with the banks and earnings. jpmorgan higher. goldman sachs at 18-month highs. >> japan airlines grounding their entire dreamliner fleet. >>> dell shares falling this morning after david faber reports that a deal could be announced within two weeks, but at a price of 13.50 or
i think that the financial story and economic story is saying this is not the kind of financial environment that leads to rapid growth. >> interesting. >> okay. >> you tied it in to dell and jpmorgan and everything else. excellent. larry, thank you. >> my pleasure. >> join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, and jim...
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Jan 14, 2013
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itself, when you've got growth and you've got employment opportunity, you've got income growth and environment of very low interest rate is headache to policymaker in which i think the government here continue to have to fine tunemakers every now and then essentially because after they tighten one time, they quiet down the market, but i comes back again because the liquidity flows remain strong. so whether this is the measures toned all measures remains to be seen, i think if the interest rate remains low, we may see further tightening after a period of quiet. i suppose contemplation, i think. >> stick right there. we also want to take a look at what is happening over in india. we're seeing mixed pictures on inflation. headline inflation slowed to its lowest level in three years, in fact. that was up about 7.2% from a year earlier and well shy of expectations. some say the lower than expected wpi fueled the rate cut from india. does this mean 25 basis point rate cuts and more to come? >> well, there's firm pressure from the politicians on the central bankers to do so. the growth is still rathe
itself, when you've got growth and you've got employment opportunity, you've got income growth and environment of very low interest rate is headache to policymaker in which i think the government here continue to have to fine tunemakers every now and then essentially because after they tighten one time, they quiet down the market, but i comes back again because the liquidity flows remain strong. so whether this is the measures toned all measures remains to be seen, i think if the interest rate...
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Jan 21, 2013
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the policy overlay, the policy concerns that have been a bit of be a an override, created an adverse environment on the dodd frank act. i think we're in the process of moving beyond those concerns and that could be really, really helpful. >> jared, is there a realistic prospect for something that could respectably be called tax reform or is that simply an exercise to raise a little bit more revenue? >> more of the latter than the former in my humble opinion. it's great they're all getting along today as hampton was telling us, but the idea of very deep tax reform seems pretty difficult given the disagreements up there. on the other hand, you were mentioning this earlier and i agree, the deal will involve both revenues, probably from the tax expenditure side, and spending cuts, and as has been said, the president has significant spending cuts on the table. >> corporate tax reform? >> possibly, but i'm not sure -- that again is going to be lower rate, broader base. i don't know if that's real massive tax reform. >> a second coming out for the obama daughters who have grown up before our eyes. >> p
the policy overlay, the policy concerns that have been a bit of be a an override, created an adverse environment on the dodd frank act. i think we're in the process of moving beyond those concerns and that could be really, really helpful. >> jared, is there a realistic prospect for something that could respectably be called tax reform or is that simply an exercise to raise a little bit more revenue? >> more of the latter than the former in my humble opinion. it's great they're all...
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Jan 17, 2013
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what creates that environment? >> right, you don't notice when you place yourself in a permissive environment. let's take the case of infidelity. let's say that you believe you would never cheat on your spouse. it's okay to go to the all girls's singles bar because that would never be something thaw would do. but once you arrive in the situation there is all these temptations and maybe you have a drink or two and do something outside of the bounds of what you anticipated. after the fact, your beliefs actually change about what infidelity means and you revise your beliefs so you are more lenient. this is the kind -- >> you talk environment and want to turn to the psychology to my right, dr. paula bloom. it's also a group mentality thing. when i think academics and you are sitting in a class and it's a group cheat. if someone else is doing it, it's okay. >> right. when it comes to academics, it's a few things. i'm not getting an unfair advantage. i'm leveling the playing field. it's justified. what she was saying is
what creates that environment? >> right, you don't notice when you place yourself in a permissive environment. let's take the case of infidelity. let's say that you believe you would never cheat on your spouse. it's okay to go to the all girls's singles bar because that would never be something thaw would do. but once you arrive in the situation there is all these temptations and maybe you have a drink or two and do something outside of the bounds of what you anticipated. after the fact,...
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Jan 18, 2013
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it's work environments. it's hard, grueling labor. and they're children. i mean -- >> taking advantage of many of these kids, right? all kinds of ways. >> absolutely. >> what is it in your personal background that drew to this issue? i always find it's something that drew you to this particular issue. >> it is. i just think that, you know, children they need someone to fight for them, they can't defend themselves, so they need an advocate, and, you know, they are our future. they are who we have to believe in and support, and i think any healthy adult, you know, is -- is a healthy child, someone who knew they were loved, knew they were believed in, knew they were cared for, protected and all of those wonderful things that none of these children have. i mean, look at them. they're horrifically abused from the beginning. >> a kid in haiti was telling me the story of how he was bought for ten dollars u.s. and i remember thinking if you calculate the number of orphans in haiti alone is roughly 400,000, like, how do we as individuals help on a problem that just
it's work environments. it's hard, grueling labor. and they're children. i mean -- >> taking advantage of many of these kids, right? all kinds of ways. >> absolutely. >> what is it in your personal background that drew to this issue? i always find it's something that drew you to this particular issue. >> it is. i just think that, you know, children they need someone to fight for them, they can't defend themselves, so they need an advocate, and, you know, they are our...
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Jan 21, 2013
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bush came hoping to change the environment. bill clinton came thinking he could change it. the last person who began to sense there were greater possibilities was reagan, that was almost a different political age. it was harder to govern then. >> you also think about, had the clintons and how bill clinton -- he seemed to revel in politics, the reaching out to people. in the article, i found it fascinating that the obamas haven't had bill and hillary clinton over for dinner. i -- i mean, she's -- all the things that bill clinton did during the campaign, all the work that hillary clinton's done, they've never had a dinner at the white house with them? >> i think this is something outsiders find difficult and surprising. the obamas can be vivacious, charming they have great public personalities. what people in washington see -- but i think people all over the country don't necessarily see it, there's an intro version there, a self-protectedness. the obamas said both when the president became famous in 2004 and again when they came to washington, no new friends, which is the op
bush came hoping to change the environment. bill clinton came thinking he could change it. the last person who began to sense there were greater possibilities was reagan, that was almost a different political age. it was harder to govern then. >> you also think about, had the clintons and how bill clinton -- he seemed to revel in politics, the reaching out to people. in the article, i found it fascinating that the obamas haven't had bill and hillary clinton over for dinner. i -- i mean,...
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Jan 20, 2013
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is a machine of this time, the time is calling for social justice, economic justice, looking at our environment. president obama represents hope, trust, stability and compassion. he's the right person for this time. it's no accident that the inaugural ceremony is tomorrow on martin luther king day. i just wonder if when martin luther king jr. said "i have a dream," did he have this vision? >> interesting. you said lincoln was the right man for the time. in your article, i don't have it in front of me, i think i'm paraphrasing it, you said lincoln was reviled and he was loved at the same time. i think many people would feel the same way about president obama now. >> yes. >> do you think people knew that about lincoln and do you think it's the same about president obama now? >> you know, whenever there's a move toward something that's new, that's not part of the old paradigm, there are reactionary forces. and those reactionary forces can revile the leader who wants to take us into the new longing the people are expressing. so, yes, we have a partisan country now where we have these forces, progre
is a machine of this time, the time is calling for social justice, economic justice, looking at our environment. president obama represents hope, trust, stability and compassion. he's the right person for this time. it's no accident that the inaugural ceremony is tomorrow on martin luther king day. i just wonder if when martin luther king jr. said "i have a dream," did he have this vision? >> interesting. you said lincoln was the right man for the time. in your article, i don't...
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Jan 20, 2013
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both of those were similar kinds of political environments. congress was in the hands of the other party. or one house was, at least. and each of them was very gracious towards the other party. reached out, said things about the goodwill of the other party. >> the difference there is reagan could look back and talk about how the republicans worked with democrats to fix social security, bill clinton could look back and talk about the deficit reduction plan. other things they had done a little bit together. it's harder for president obama to do that because there's been so much polarization. >> polarization has been on both sides. it would be a good step for the president, i actually don't expect him to take it. to try to put that behind, to have at least a rhetorical frame for being more enveloping. obviously in the last few days, last week or so, he hasn't taken that tact. he's, he had his press conference about a week ago. he's had some, they've floated some stories about how they're going to have a more confrontational stand. and that seems
both of those were similar kinds of political environments. congress was in the hands of the other party. or one house was, at least. and each of them was very gracious towards the other party. reached out, said things about the goodwill of the other party. >> the difference there is reagan could look back and talk about how the republicans worked with democrats to fix social security, bill clinton could look back and talk about the deficit reduction plan. other things they had done a...
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Jan 19, 2013
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even the environment. and it will use geolocation to connect you with places to volunteer. and, of course, for those of you who are just counting down the minutes, there's an app for that too, of course. it's called the inauguration countdown. it's available on ios devices. the app will break down the days, hours, minutes, and yes, even seconds until the is ceremony. so on monday as president obama takes the oath, your front row seat at the digital ceremony may just be your smartphone. >> and laurie segal joins us right now. and laurie, since this is washington, no surprise, there is already a controversy over the inauguration app. tell us about this. >> you're absolutely right. people are worried they're putting their cell phone numbers in here and a report came out that said maybe this data could be used, and handed to third parties and you could end up on an e-mail list. i asked the question, they gave me a statement. let me read it quick. they say contrary to some concerns, the app only collects one sort of user data. and they go on to say the app has no way to collect
even the environment. and it will use geolocation to connect you with places to volunteer. and, of course, for those of you who are just counting down the minutes, there's an app for that too, of course. it's called the inauguration countdown. it's available on ios devices. the app will break down the days, hours, minutes, and yes, even seconds until the is ceremony. so on monday as president obama takes the oath, your front row seat at the digital ceremony may just be your smartphone. >>...
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Jan 13, 2013
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. >> the train dispatchers and supervisors would operate out of this office environment. they had several different workstations where they could see the trains coming in and out of the station and further up the line. completely destroyed. need to be replaced and rebuilt. >> the force of the water so great, it even destroyed escalators designed to last 40 years. >> the actual force of the water coming down the escalator lifted the landing plates from position. the pit itself still has several feet of water standing in it. these are one of our escalators that's a total loss. >> so this is going to have to come out altogether? >> come out and be replaced. >> the destruction here is just a part, a big part, but just a part of the pounding that the infrastructure system took as a result of superstorm sandy. just imagine, if you will, what happened to the electrical grid on the eastern seaboard. >> the northeast, obviously, took a real beating as a result of superstorm sandy. and i think it did reveal a number of weaknesses. among them, questions have come up fairly, i think,
. >> the train dispatchers and supervisors would operate out of this office environment. they had several different workstations where they could see the trains coming in and out of the station and further up the line. completely destroyed. need to be replaced and rebuilt. >> the force of the water so great, it even destroyed escalators designed to last 40 years. >> the actual force of the water coming down the escalator lifted the landing plates from position. the pit itself...
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Jan 13, 2013
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that kind of discussion feels dead on arrival in this political environment where we can't get something like a basic budget done. >> the problem is we're going to have to do some of this, anyway. anyone who owns a home knows this. if you defer maintenance, if you say to yourself, my boiler is leaking but i'm not going to fix it, that's actually a penny wise, pound-foolish decision. it will eventually break and cost you three times as much. that's what's happening with our roads, bridges and highways. if you look at air travel. we have one of the world's most antiquated travel systems, we need to update the antiquated computer system. one day you're going to have terrible problems or you're going to have a kind of the system will break down, it's not going to cost $25 billion. it will cost $50 billion. >> there's another thing we don't talk about enough. we're talking about spending as if there's this generally irresponsible spending around. some of that might be true. the bigger issue is nilements, the growth in what those are going to cost us over time. that's the real threat. it's the
that kind of discussion feels dead on arrival in this political environment where we can't get something like a basic budget done. >> the problem is we're going to have to do some of this, anyway. anyone who owns a home knows this. if you defer maintenance, if you say to yourself, my boiler is leaking but i'm not going to fix it, that's actually a penny wise, pound-foolish decision. it will eventually break and cost you three times as much. that's what's happening with our roads, bridges...
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Jan 13, 2013
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. >> now, a number of politicians, current and former, have joined forces to create a partisan-free environment, and called "no labels" they are pledged to a simple proposition, stop fighting and start fixing. we'll discuss compromise and the chances for success with the no labels chairman, democratic senator joe manchin of west virginia and former republican governor of utah jon huntsman, next. she wants. now you can with new stayfree ultra thins. flexible layers move with your body, while thermocontrol wicks moisture away. keep moving. new stayfree. or treat gas with these after you get it. now that's like sunblock before or sun burn cream later. oh, somebody out there's saying, now i get it! take beano before and there'll be no gas. >>> with me now, senator joe manchin, democrat from west virginia and former presidential candidate and former utah governor jon huntsman, thank you both for being here, joining forces here. i have to say when i was reading about this, and said, okay, goals to argue less and act more, and i'm thinking, yeah, but how do you go about that, particularly from the out
. >> now, a number of politicians, current and former, have joined forces to create a partisan-free environment, and called "no labels" they are pledged to a simple proposition, stop fighting and start fixing. we'll discuss compromise and the chances for success with the no labels chairman, democratic senator joe manchin of west virginia and former republican governor of utah jon huntsman, next. she wants. now you can with new stayfree ultra thins. flexible layers move with your...
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Jan 16, 2013
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it is an extremely confusing environment if you have one set of airlines saying they are grounding and another set of airlines saying they are still flying them. >> how disruptive is this for travelers? >> by and large, almost nonexistent. the airlines will swap in some -- jal and ana have canceled some flights, swapped in other aircraft, absolutely minimal. not at the moment an issue of disruption. >> richard quest, thank you. >>> so three months all alone at sea. coming up, we catch up with one of the most determined competitors we have ever met racing around the world all by himself. in a sailboat. ♪ using cloud computing and mobile technology, verizon innovators have developed a projective display for firefighters. allowing them to see through anything. because the world's biggest challenges deserve even bigger solutions. powerful answers. verizon. ya. alright, another one just like that. right in the old bucket. good toss! see that's much better! that was good. you had your shoulder pointed, you kept your eyes on your target. let's do it again -- watch me. just like that one...
it is an extremely confusing environment if you have one set of airlines saying they are grounding and another set of airlines saying they are still flying them. >> how disruptive is this for travelers? >> by and large, almost nonexistent. the airlines will swap in some -- jal and ana have canceled some flights, swapped in other aircraft, absolutely minimal. not at the moment an issue of disruption. >> richard quest, thank you. >>> so three months all alone at sea....
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Jan 16, 2013
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as communities and certainly in the schools as well i think we can have a much safer community and environment for our kids than we have now. >> marc klaas joining us this morning. marc the father of polly klaas and the founder of the klaas kids foundation. thanks for talking to us. we appreciate your time this morning. >> thank you so much. >> many people pointed out that it appears in the video the little girl goes so easily with her mother, her mother wears a burqa and so maybe she didn't know it was her mother. kids that age will go with an adult. their whole lives are -- their lives -- >> right. >> i picked one of my friend's kids from tae kwon do, and they didn't ask where is mom and dad, where are we going, it's one of the things you have to be so careful that what kind of adults are around and i was amazed that an adult can stroll into a school and out with a child like this. >> children don't ask, okay, because their whole lives are built around, you go to that now, you do this now, i think it's really a terrifying thing that the people didn't say to you, i don't care if he says he kn
as communities and certainly in the schools as well i think we can have a much safer community and environment for our kids than we have now. >> marc klaas joining us this morning. marc the father of polly klaas and the founder of the klaas kids foundation. thanks for talking to us. we appreciate your time this morning. >> thank you so much. >> many people pointed out that it appears in the video the little girl goes so easily with her mother, her mother wears a burqa and so...
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Jan 14, 2013
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the environment where these pythons now live is not used to them. these creatures have evolved from places like the rainforest in southeast asia or the african savannah, and the habitat or the grassland habitat that you find in the everglades just simply is not equipped to deal with these very new and very invasive species. basically these pythons are invaders, and they are eating everything they come in contact with. >> you say these very new, are these pythons that were people's pets? >> likely that's how all of this originated. pot past 30 years people have been importing these snakes. a lot less lately. but during the 1970s and 1980s thousands and thousands of these snakes were brought in from asia and africa, and more often than not they either escaped because of hurricanes or people released them into environments where they shouldn't have, and these animals took over. they started out as pets, and then through negligence were released and, unfortunately, this ecosystem just really is not prepared to take on what these snakes do to the environ
the environment where these pythons now live is not used to them. these creatures have evolved from places like the rainforest in southeast asia or the african savannah, and the habitat or the grassland habitat that you find in the everglades just simply is not equipped to deal with these very new and very invasive species. basically these pythons are invaders, and they are eating everything they come in contact with. >> you say these very new, are these pythons that were people's pets?...
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Jan 13, 2013
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. >> reporter: some conservative christians say the focus shouldn't be on guns but the environment giving rise to this violence. >> instead of having, as the nra proposes, a policeman in every school, our policy should be focused on getting a dad in every home. >> reporter: vice president biden said friday he is glad evangelical groups have participated in his gun policy task force meetings because in the past, they have been "reluctant to engage in the gun issue." athena jones, cnn, washington. >> you can see more about this story on our belief log at cnn.com/belief. >>> a maintenance shed in new york city's central park turned up a shocking discovery, a loaded cannon from an old british warship dating you to the revolutionary war. it's been sitting around for centuries. workers were cleaning the rust when they found the cannon still had gunpowder and a cannon ball. a spark or a flame could have set it off. >> this is an amazing surprise. it was there for so many years and people were sitting on it when it was a loaded cannon. >> technicians removed about two pounds of black powder and t
. >> reporter: some conservative christians say the focus shouldn't be on guns but the environment giving rise to this violence. >> instead of having, as the nra proposes, a policeman in every school, our policy should be focused on getting a dad in every home. >> reporter: vice president biden said friday he is glad evangelical groups have participated in his gun policy task force meetings because in the past, they have been "reluctant to engage in the gun issue."...
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Jan 14, 2013
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lyric can also give you exceptionally clear, natural sound in quiet and noisy environments because of how it works with your ear's own anatomy. can your hearing aid do all this? lyric can. to learn more about lyric's advanced technology, call 1-800-414-5999 or visit trylyric.com for a risk-free 30 day trial offer and free dvd and brochure. get the hearing aid that can. lyric from phonak. lyric can. >>> president obama just spent an hour laying out some of the key challenges of the next term, including the fight to raise the debt ceiling. this is something the president says there is really no room to compromise on. but even a tougher fiscal challenge could be tax reform. we're not just talking about whether or not to raise taxes, but actually looking at the tax code itself. all 70,000 pages of it. christine romans explains. >> reporter: the challenge, tax reform. for the first time in 20 years, taxes are going up for the rich. they'll pay a higher top marginal income tax rate, higher taxes on dividends and capital gains, and a higher estate tax rate. but it could have been worse. >> i
lyric can also give you exceptionally clear, natural sound in quiet and noisy environments because of how it works with your ear's own anatomy. can your hearing aid do all this? lyric can. to learn more about lyric's advanced technology, call 1-800-414-5999 or visit trylyric.com for a risk-free 30 day trial offer and free dvd and brochure. get the hearing aid that can. lyric from phonak. lyric can. >>> president obama just spent an hour laying out some of the key challenges of the next...
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had a catastrophic event and when these things happen, you need to look at policy and adapt to the environment. the important thing is to find a couple of items and be for it rather than saying we are against everything. backing the nra position which is more guns in schools. that is not a republican position. that would cost $5 billion to do. >> par do get republican support here on back ground checks. 87% of democrats and a lot of republicans support that. a lot on news controls and 38% democrats. you go beyond that and almost every other issue and the assault weapons ban. the semi automatic weapons and sales on the clips. a minority of republicans support all those issues. >> the items listed on that list and things that the republicans are talking about. they have nothing to do with the second amendment and my point is don't wait for the democrats to come out and respond to it. they have a republican plan and we both live on planet earth here. >> politically speaking, what would happen. >> the republican from texas stands up and said okay, let's support these gun control issues. >> i think
had a catastrophic event and when these things happen, you need to look at policy and adapt to the environment. the important thing is to find a couple of items and be for it rather than saying we are against everything. backing the nra position which is more guns in schools. that is not a republican position. that would cost $5 billion to do. >> par do get republican support here on back ground checks. 87% of democrats and a lot of republicans support that. a lot on news controls and 38%...